BitMine Immersion Technologies, Inc.BitMine holds 5.93 million ether that is about $5 billion underwater, a large unrealized loss on its crypto treasury.

Fundstrat Global Advisors research head and BitMine Immersion Technologies chairman Tom Lee said the next 12 months will be "really bullish" for crypto, telling Wealthion that the pain of the market's worst liquidation has already passed. Lee pointed to October 10 of last year, when a threat of 100% tariffs on China triggered the largest liquidation crypto has seen, wiping out more than $19 billion in leveraged bets in a day, and said he reads the bottom of crypto's four-year cycle as next month. Prices have not caught up: Bitcoin trades near $77,315, roughly 39% below its record above $126,000 set days before that crash, while Ether has added 3.2% in 24 hours to about $2,533. Lee's larger thesis is tokenization, which he calculates could produce $1.1 trillion a year in income and a $20 trillion prize if $100 trillion of assets move on chain and 1% is retained, though BeInCrypto Research's Tokenization 2026 report counted only $60 billion on chain as of May 31, with 56% of that value seeing no weekly transfers. Washington votes Tuesday on whether to debate the CLARITY Act, which would hand the Commodity Futures Trading Commission control of spot crypto markets, and Lee noted the company he chairs, BitMine, holds 5.93 million ether that is about $5 billion underwater.
BitMine Immersion Technologies, Inc.BitMine holds 5.93 million ether that is about $5 billion underwater, a large unrealized loss on its crypto treasury.